Bitcoin Short-Term Holders Dump 140,000 Coins, Market Faces Increased Selling Pressure

The Bitcoin market has recently faced sustained selling pressure from short-term holders. On-chain data reveals that a significant number of coins held for less than 155 days were sold at a loss over the past week. According to data from analyst Axel Adler Jr., the Short-Term Holder Spent Output Profit Ratio (STH SOPR) was below 1.0 for seven out of eight days between March 2nd and 9th, indicating that most traders were selling at a loss.

As of March 9th, the average daily STH SOPR was 0.987, with only 17% of blocks closing above the breakeven point. The 7-day moving average remained around 0.992, suggesting that loss-making sales were not isolated incidents but rather a persistent market behavior. This trend reflects a large number of 'weak hands' exiting their positions.

Concurrently, the total amount of Bitcoin held by short-term holders decreased from approximately 6.06 million to 5.92 million coins, a cumulative reduction of about 140,000 coins. This change may stem from two factors: first, investors choosing to exit at a loss, and second, some coins automatically transitioning into the long-term holder group due to exceeding the 155-day holding period. Notably, the average purchase cost for this group is around $89,028, while the current market price hovers around $67,000, implying an average unrealized loss of nearly 24%. This price inversion creates potential supply pressure. If prices rebound in the future, some investors who entered at higher levels may take the opportunity to liquidate their holdings, thereby suppressing gains and delaying the market's recovery. Market observers point out that a true stabilization signal would be STH SOPR consistently above 1.0 for several days, accompanied by a simultaneous upward price movement.